September 19 - Global Stocks News - West Red Lake Gold Mines (TSXV:WRLG) (OTC:WRLGF) CEO Shane Williams has sent part three of seven communications to WRLG shareholders.
CEO Message Part 3: Existing Infrastructure at West Red Lake Gold Mines
By Shane Williams
Thank you for your interest in West Red Lake Gold Mines (WRLG.V). This is the Part 3 of seven messages I am sending to WRLG shareholders. Today I want to discuss the existing infrastructure at the Madsen mine.
In mining circles, "existing infrastructure" can mean a logging road, a plywood core-shack, a rusted ball mill or a capsized Porta-potty.
The West Red Lake Gold Mines' situation is a bit different. We inherited a modern, fully permitted, virtually-unused mining facility which includes underground equipment, double ramp access, a 1,273-metre-deep shaft, expandable 800+ tonne per day mill, excess tailings capacity and a water treatment plant. [1.}
The mill achieves 95% gold recovery [2}. The tailings pond and water treatment are regularly inspected and pass with flying colours. Last month I was on site with the Ontario Minister of Mines - a former executive at Placer Dome. He is very supportive of the project.
It's difficult to put an exact price tag (value) on the existing infrastructure. The mill itself cost approximately $100 million. With rampant inflation in construction, the replacement cost would be significantly higher. But the biggest benefit of the permitted existing infrastructure is the effect on production timelines.
The permitting process can take ten years.
We have challenges to overcome, but in my opinion, the modern, debt-free, permitted infrastructure has significantly de-risked this project.
Next in Part 4 of my message to shareholders, I will tell you about the resource expansion potential at Madsen.
We invite you to click here to learn more about our West Red Lake Gold Mines
The technical information presented in this news release has been reviewed and approved by Will Robinson, P.Geo., Vice President of Exploration for West Red Lake Gold and the Qualified Person for exploration at the West Red Lake Project, as defined by NI 43-101 "Standards of Disclosure for Mineral Projects".
Certain statements contained in this news release constitute "forward-looking statements". When used in this document, the words "anticipated", "expect", "estimated", "forecast", "planned", and similar expressions are intended to identify forward-looking statements or information. These statements are based on current expectations of management, however, they are subject to known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from the forward-looking statements in this news release. Readers are cautioned not to place undue reliance on these statements. West Red Lake Gold Mines Ltd. does not undertake any obligation to revise or update any forward- looking statements as a result of new information, future events or otherwise after the date hereof, except as required by securities laws.
SRK Consulting. (2021). Independent NI 43-101 Technical Report and Updated Mineral Resource Estimate for the PureGold Mine, Canada (West Red Lake Gold Mines, Ed.) [Review of Independent NI 43-101 Technical Report and Updated Mineral Resource Estimate for the PureGold Mine, Canada]. SRK Consulting. https://westredlakegold.com/wp-content/uploads/2023/07/NI43-101_Madsen_Report_Update_v20230619.pdf
Pure Gold Mining Inc. "PureGold Achieves Third Quarter Gold Production Guidance and Announces Fourth Quarter Outlook." GlobeNewswire News Room, 6 Oct. 2022, www.globenewswire.com/news-release/2022/10/06/2529302/0/en/PureGold-Achieves-Third-Quarter-Gold-Production-Guidance-and-Announces-Fourth-Quarter-Outlook.html
Frank Giustra - who owns about 10% of WRLG was recently on stage at the Precious Metals Summit in Beaver Creek, Colorado.
"Never listen to what a central bank has to say," Giustra stated on a panel hosted by The Northen Miner. "Watch what they do. And right now, they're screaming, buy gold. They're loading up. And it is my belief they're loading up because there will be a monetary system reset that we don't know what it looks like yet. But gold will play a role, otherwise they wouldn't be loading up this way."
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